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bankruptcy affects on Credit score

Bankruptcy is a hotly debated topic for several reasons. So far this year, more than 50,000 Americans have filed for bankruptcy in the state of California. Across the US, that adds up to more than half a million people who turn to bankruptcy. The most common reasons that Americans pursue bankruptcy are because of medical debt, job loss, credit card misuse, divorce, and unexpected expenses. It may seem like the only option, but you must also consider the long-term ramifications of your decision. How will bankruptcy affect your future or affect your......

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Creditors Rights

Filing for bankruptcy offers you relief from debt when you are not able to pay it due to a certain reason. It puts a stay on your assets, meaning that your creditors will not be able to deduct any amount of money from your bank account or go after your assets. But it doesn’t relieve you from the debt altogether. You still owe it and are legally responsible to pay it either partially or fully depending on the court order. Besides, it also limits your options for getting a loan at the......

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What is difference between Chapter 7, 11 and 13?

If you’re contemplating bankruptcy, it can be a stressful and frustrating time. You may not know where to turn, which type of bankruptcy to consider, or who you can trust. That’s why we, at Nathan A. Berneman, APC in Los Angeles, CA, offer a full and comprehensive consultation to help you better understand your situation and what your options are. Here’s a quick overview of the most common bankruptcy types, and how you might qualify. What qualifies you for Chapter 11?Chapter 11 is also known as a “reorganization” bankruptcy. In most cases,......

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